Homeowners 'Springing' into Action, According to Report
By: Ashley R. Harris
Recent data show homeowners are getting ahead of the curve and listing their properties earlier than in previous years as the spring selling season approaches.
A report by Realtor.com shows listing inventories increased by 1.15 percent month-over-month in February, and houses stayed on the market for an average of 98 days, down 9.26 percent from January. Month-over-month list prices also increased to $189,900.
“As we enter the busiest time of the year for home buyers and sellers, our latest housing trend data shows just how competitive the market is with a significant national housing recovery well underway,” Steve Berkowitz, CEO of Move, Inc., said in a statement.
“Looking ahead, we can expect the amount of inventory to increase this spring along with higher list prices as sellers become more comfortable with the market conditions,” Berkowitz added.
This recent spate of news indicates to some that a growing number of “move-up” homebuyers are less reluctant about venturing into the market and are taking early advantage of the recent uptick in housing prices. This positive swing coupled with the consistent, gradual downward trend of annual inventory levels, which decreased by 15.97 percent over the last two years, are giving sellers more motivation to strike while the iron is warming.
Nationally, the median list price also rose by 1.55 percent during the month of February and 1.01 percent annually, while the median age of inventory dropped in nearly all of the 146 markets Realtor.com tracks.
California markets showed the biggest decreases with year-over-year declines in for-sale inventories. Declines averaged 48 percent in Sacramento, Stockton, Oakland, San Jose, Orange County, Los Angeles, Seattle, San Francisco, Riverside, and Ventura.
Cities in coastal areas stayed on the market longer according to the report, with Seattle and Denver posting record low inventory median ages.
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